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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.353%  
  Support   1.48%  
  Resistance   1.267%  
  FN 2.5% Coupon   103.797 (+0.062)  
     Wednesday, September 08, 2021

U.S. Stocks Open Lower upon Valuation Risks

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.3562, 1.70 bps lower than prior closing of 1.3732.

U.S. Equities retreated extending declines for last week’s all time high as investors weigh valuations amidst a resurging pandemic. The S&P 500 and the Nasdaq 100 had slight drops. Wednesday’s decline came after Morgan Stanley, Citigroup and others have become cautious on U.S. equities. Investors have become weary that the hopes of post pandemic recovery might not be as good as expected. The Stoxx 600 was headed for its largest drop in three weeks after falling 0.60% with the speculation that the European Central Bank is pondering slowing down emergency stimulus. Cryptocurrency also continued their decline as Bitcoin fell due to Salvador’s problematic implementation of the law that allows cryptocurrency as legal tender.

The curve has bull-flattened with the UST 10-Year yield down 1.70 bps.

This Week's Events
  09/08 MBA Mortgage Applications 04:00 3-Sep - -1.90% -2.40% -  
  09/08 JOLTS Job Openings 07:00 Jul 10049k 10934k 10073k 10185k  
  09/09 Initial Jobless Claims 05:30 4-Sep 335k - 340k -  
  09/09 Continuing Claims 05:30 28-Aug 2730k - 2748k -  
  09/10 PPI Final Demand MoM 05:30 Aug 0.60% - 1.00% -  
  09/10 PPI Final Demand YoY 05:30 Aug 8.20% - 7.80% -  
  09/10 Wholesale Inventories MoM 07:00 Jul F 0.60% - 0.60% -  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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